According to reports, the Welspun group plans to put up 500 MW of solar photovoltaic capacity by 2016-17, the rating agency CARE has said.
CARE, which recently rated a debt instrument of one of the Welspun group companies, said the group today has a capacity of 30 MW under various special purpose vehicles.
Last week Welspun successfully bid for a 125 MW solar energy project in a tender floated by the Madhya Pradesh Government, quoting a tariff of Rs 8.05 a unit.
In the first two rounds of bidding under the National Solar Mission, Welspun had won 50 MW and 5 MW of solar photovoltaic projects each.
The Welspun Group has diversified business interests with a presence in power generation, exploration and production of oil and natural gas, steel pipes, home textiles, retail and infrastructure.
In addition to 500 MW of solar projects, the group intends to own 1,000 MW of wind power capacity. The group has said it would invest Rs 15,000 crore on renewable energy in the coming years.